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All Journal Jurnal Ilmiah Manajemen Dan Kewirausahaan Jurnal Publikasi Sistem Informasi dan Manajemen Bisnis
Maria Marsilinda Paku
Unknown Affiliation
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Pengaruh PSBB Volume Perdagangan Terhadap Stock Return pada Perusahaan Layanan Perdagangan dan Investasi Sub Sektor Pariwisata Restoran dan Hotel Maria Marsilinda Paku; Risal Rinofah; Ratih Kusumawardhani
Jurnal Ilmiah Manajemen dan Kewirausahaan Vol. 4 No. 1 (2025): Jurnal Ilmiah Manajemen dan Kewirausahaan
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jimak.v4i1.5136

Abstract

This study aims to analyze the effect of Large-Scale Social Restrictions (PSBB) and trading volume on stock returns of trade and investment service companies in the tourism, restaurant, and hotel sub-sectors. These sub-sectors were selected due to their significant exposure to the impacts of the COVID-19 pandemic, particularly restrictions on public mobility and face-to-face interactions, which drastically affected business operations and revenue streams. The research applies a quantitative method with an associative approach. Secondary data were obtained from the Indonesia Stock Exchange (IDX) and official government publications concerning the PSBB policy during the pandemic period. The population of this study includes all tourism, restaurant, and hotel companies listed on the IDX during the years 2020–2021. A purposive sampling technique was used to determine the sample. The data were analyzed using multiple linear regression analysis with the help of SPSS software to test the simultaneous and partial influence of the independent variables on the dependent variable. The results indicate that the PSBB policy has a significant negative effect on stock returns. This finding aligns with the expectation that movement restrictions and reduced consumer activity would negatively affect business performance and investor sentiment. In contrast, trading volume has a significant positive effect on stock returns, suggesting that increased trading activity may reflect higher investor confidence and speculation, which contributes to price appreciation. These findings offer valuable theoretical insights into the behavior of capital markets during a crisis, particularly in sectors highly sensitive to government policies and public health emergencies. Practically, the study provides useful information for companies, investors, and policymakers in developing risk mitigation strategies, enhancing investment decision-making, and formulating adaptive responses to future crises with similar characteristics.
Pengaruh PSBB Volume Perdagangan terhadap Stock Return pada Perusahaan Layanan Perdagangan dan Investasi Sub Sektor Pariwisata Restoran dan Hotel Maria Marsilinda Paku; Risal Rinofah; Ratih Kusumawardhani
Jurnal Publikasi Sistem Informasi dan Manajemen Bisnis Vol. 4 No. 2 (2025): Jurnal Publikasi Sistem Informasi dan Manajemen Bisnis
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jupsim.v4i2.4906

Abstract

This study aims to analyze the effect of Large-Scale Social Restrictions (PSBB) and trading volume on stock returns of trade and investment service companies in the tourism, restaurant, and hotel sub-sectors. These sub-sectors were selected due to their significant exposure to the impacts of the COVID-19 pandemic, particularly from restrictions on public mobility and face-to-face interactions. This research uses a quantitative method with an associative approach. The data used are secondary data obtained from the Indonesia Stock Exchange (IDX) reports and official government publications related to the PSBB policy during the pandemic. The sample consists of companies in the tourism, restaurant, and hotel sub-sectors listed on the IDX during the 2020–2021 period. The data were analyzed using multiple linear regression with the assistance of SPSS software. The results show that the PSBB variable has a significant negative effect on stock returns, as social and economic restrictions led to decreased corporate revenues. On the other hand, trading volume has a significant positive effect on stock returns, indicating that increased trading activity reflects higher investor interest, which contributes to stock price increases. This study is expected to provide both theoretical and practical insights for companies, investors, and policymakers in understanding capital market dynamics during crises and in formulating appropriate risk mitigation strategies.
Co-Authors Ratih Kusumawardhani Risal Rinofah, Risal